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Sunday, January 9, 2011

Iranian President Mahmoud Ahmadinejad recently put his 1977 Peugeot 504 on the auction block. The original price for a ’77 504 was in the neighborhood of $9,000, and a used one like Ahmadinejad’s could fetch $2,000 in its local market. The bidding just got a massive shot in the arm, however, because someone thinks the car is worth a million bucks.

The million-dollar bid came from an Arab country but further details have not been released. Proceeds from the sale of the 504 will be used to build a low-income housing project.